The Federal Government has saved over N1 trillion since the removal of subsidies on Premium Motor Spirit (PMS), also known as petrol.
President Bola Ahmed Tinubu made the announcement during his nationwide economic broadcast.
In a little over two months, we have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters. That money will now be used more directly and more beneficially for you and your families, he said
President Tinubu announced the removal of fuel subsidies during his inaugural speech on May 29, raising the price of petrol from N195 to N540 per litre.
The price was raised to N617 per litre earlier this month.
Emeraldloaded reports that the increase in petrol prices has already led to a hike in the prices of goods. The worst affected are foodstuff and transportation.
Nigerians have been complaining about the impact of subsidy elimination on their lives, but the Tinubu administration has repeatedly promised relief.
When he hosted the Class of 1999 Governors earlier this month, the President urged Nigerians to be more patient.
He reassured Nigerians that a framework for palliatives to mitigate the effects of the removal of fuel subsidies was being developed.
I understand that our people are suffering yet there can be no childbirth without pain. The joy of childbirth is the relief that comes after the pain. Nigeria is reborn already with fuel subsidy removal. It is a rebirth of the country for the largest number over a few smugglers. Please tell the people to be a little patient.
The palliative is coming. I don’t want cash-transfer to fall into wrong hands. I know it pinches and it is difficult. In the end, we will rejoice in the prosperity of our country,’ he had told the governors, who were led by former Governor of Edo State, Lucky Igbinedion.
Tinubu had previously written to the House of Representatives to request an amendment to the 2023 supplementary appropriation act to allow for N500 billion in palliative care for Nigerians.
The request was later approved by the parliament.